1st NRG Corp - Begins Drilling Program
January 06 2014 - 9:00AM
Marketwired
1st NRG Corp - Begins Drilling Program
DENVER, CO--(Marketwired - Jan 6, 2014) - 1st NRG Corp. (OTC
Pink: FNRC), an exploration and production company currently
developing and producing coal bed methane reserves (CBM) in
Wyoming.
1st NRG Corp. (FNRC) is pleased to announce the start of
development on eight locations in Wyoming's Powder River Basin
where we hold 100% of the working interest before payout. These
shallow locations are approximately 1,900 feet in depth, and
characterized by what we believe to be low geologic risk and a
repeatable development opportunity. The operations offset existing
wells, all of which have developed coal seams in the Schwartz,
Anderson, Canyon, Cook and Wall formations. Successful
implementation of this plan would significantly increase FNRC
production and revenues. Mr. Kevin Norris CEO of the Company,
stated during an interview with The Stock Radio, "The impact on
1st NRG is tremendous." We currently hold an approximate 3% working
interest in existing wells and will initially own 100% of the
offset development wells. The first well began drilling December
28th, 2013 and will continue as weather and equipment availability
allow.
Our recent activity has been centered on the development at
Clabaugh Ranch, a CBM field located in the Powder River Basin of
Wyoming. We acquired our interest in the 42 wells which currently
make up the field. Commodity prices of natural gas have improved,
and with renewed maintenance and repairs field wide gross
production has increased approximately 50% to over 800 MCFD.
Also, our previously announced participation in development of
prospective acreage in SE Ohio with Utica Shale potential on an
initial block of acreage encompassing approximately 7,000 acres
continues. The Utica shale is an exciting play and continues to
grow with 106 Utica wells drilling in 2013 compared to 21 Utica
wells in 2012. The State of Ohio has issued 1,033 permits for
horizontal drilling in the Utica since 2009, and 548 of those
permits were issued in 2013. The number of wells producing from the
Utica has also increased from 45 in 2012 to 249 in 2013. 1st NRG
will not operate in Ohio, but will be carried in the initial
vertical test well and participate in future development with a 20%
working interest. In January 2014 we expect the initial location
and the drilling plan for the test well. The Company expects the
test well of about 6,000 feet in depth, to be drilled in the first
quarter of 2014.
For more information, please visit http;//1stnrg-corp.com, or
for The Stock Radio interview please visit:
http://thestockradio.com/fnrc-1st-nrg-corp-ceo-kevin-norris
Forward-looking statements in this release are within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Act of 1934. A statement identified by the
words "expects," "projects," "plans," "feels", "anticipates," and
certain of the other foregoing statements may be deemed
"forward-looking statements." Although 1st NRG Corp. believes the
expectations reflected in such forward-looking statements are
reasonable, these statements involve risks and uncertainties that
may cause actual future activities and results to be materially
different from those suggested or described in this press
release.
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